Syngenta profits grow on high crop demand
Swiss agrochemical firm Syngenta has posted a net profit of $1.1 billion (SFr1.21 billion) for 2007, an increase of 75 per cent over the previous year's figures.
The Basel-based company said that the result – on revenues of $9.24 billion – was based on global economic trends and on a scarcity of natural resources. These factors had driven demand for its crop protection products and genetically modified seeds, it added.
“Following several years in which demand has exceeded agricultural production, stock of major commodities reached record low levels, prompting sharp rises in crop prices,” CEO Mike Mack said in a statement on Thursday.
Syngenta – whose share price is outperforming its European competitors – is proposing a dividend of SFr4.80 ($4.38) per share.
On Thursday morning, stocks in Syngenta, the world’s largest agrochemical firm, were trading close to the previous day’s close of SFr279.
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